United Microelectronics Corporation (2303) Fair Value & Analysis
Technology · TW · Market cap 1.8T TWD
Fair value as of: Aug 13, 2026
From 25 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from 64.25 TWD to 74.41 TWD (+15.8%) since Jul 20, 2026. Share price −27.1% over the past month.
A solid business, but screening 39% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (100.93 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (51.20 TWD to 100.93 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 28.84 TWD – 175.50 TWD · fair‑value band 51.20 TWD – 100.93 TWD · the 121.00 TWD price screens above the 74.41 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
United Microelectronics Corporation (2303) currently trades at 121.00 TWD, while our model-based Fair Value estimate is 74.41 TWD, implying the stock looks roughly 38.5% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, United Microelectronics Corporation generated revenue of 241B TWD at a net margin of 20.8%. Revenue grew 5.5% year over year. It earns a return on equity of 12.5%. The balance sheet holds a net cash position of 50.9B TWD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 51.20 TWD (bear case) to 100.93 TWD (bull case); at 121.00 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 202% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -54% fair-value upside, at -39%, 2303 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 25 models by family
Widest divergence: DCF Models (77.63 TWD) versus Asset-Based (20.28 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits.
Full company description
United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. It manufactures and sells integrated circuits. The company offers circuit design; mask tooling; wafer fabrication; and assembly and testing services for communication devices, consumer electronics, computer, and other applications. It also provides venture capital and marketing support; consulting and planning; energy technical; solar engineering integrated design; research and development services; and insurance services. United Microelectronics Corporation was incorporated in 1980 and is headquartered in Hsinchu City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
United Microelectronics Corporation reported revenue of 238B TWD in FY2025 versus 213B TWD in FY2021, a compound +2.8%/yr. Reported net income was 41.7B TWD in FY2025, compounding −5.0%/yr from FY2021.
of which total revenue +5.4 pp · buybacks/dilution +0.6 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
2303 screens 39% overvalued. Compare with NVIDIA Corporation →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- The Zacks Analyst Blog Highlights Apple, United Microelectronics, NTT and UBS
- United Microelectronics Q2 Earnings Call Highlights AI Expansion Plans
- United Microelectronics Q2 Earnings Beat Estimates, Revenues Rise Y/Y
- United Microelectronics Corp (UMC) Q2 2026 Earnings Call Highlights: Strong Revenue Growth Amid ...
Peer Group
Semiconductors · 323 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductors median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NVIDIA Corporation NVDA | $217.50 | $98.98 | -54% |
| Taiwan Semiconductor Manufacturing Company TSM | $429.15 | $291.42 | -32% |
| Broadcom Inc 1AVGO | €366.85 | €121.25 | -67% |
| Micron Technology, Inc 1MU | €802.10 | €185.67 | -77% |
| SK hynix Inc 000660 | 1,504,000 KRW | 1,481,291 KRW | -2% |
| Advanced Micro Devices, Inc 1AMD | €428.20 | €56.33 | -87% |
| Intel Corporation INTC | C$54.79 | C$11.71 | -79% |
| MediaTek Inc 2454 | 4,015 TWD | 1,559 TWD | -61% |
| SK Square Co 402340 | 1,024,000 KRW | 1,204,862 KRW | +18% |
| GigaDevice Semiconductor Inc 3986 | HK$515.00 | HK$274.86 | -47% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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